California Public Employees Retirement System cut its stake in Apollo Investment Corporation (NASDAQ:AINV) by 9.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 440,400 shares of the asset manager’s stock after selling 45,300 shares during the period. California Public Employees Retirement System’s holdings in Apollo Investment Corporation were worth $2,889,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in AINV. TCI Wealth Advisors Inc. increased its position in Apollo Investment Corporation by 2.4% in the first quarter. TCI Wealth Advisors Inc. now owns 24,474 shares of the asset manager’s stock valued at $161,000 after buying an additional 582 shares during the last quarter. Honkamp Krueger Financial Services Inc. raised its stake in shares of Apollo Investment Corporation by 2.2% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 34,682 shares of the asset manager’s stock valued at $228,000 after buying an additional 750 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Apollo Investment Corporation by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 174,720 shares of the asset manager’s stock valued at $1,146,000 after buying an additional 800 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of Apollo Investment Corporation by 3.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 27,951 shares of the asset manager’s stock valued at $183,000 after buying an additional 820 shares during the period. Finally, Graybill Bartz & Assoc Ltd. raised its stake in shares of Apollo Investment Corporation by 0.4% in the first quarter. Graybill Bartz & Assoc Ltd. now owns 372,693 shares of the asset manager’s stock valued at $2,445,000 after buying an additional 1,464 shares during the period. Hedge funds and other institutional investors own 46.23% of the company’s stock.
Apollo Investment Corporation (AINV) opened at 6.38 on Thursday. Apollo Investment Corporation has a 12 month low of $5.42 and a 12 month high of $6.82. The stock’s 50 day moving average is $6.38 and its 200-day moving average is $6.36.
Apollo Investment Corporation (NASDAQ:AINV) last issued its quarterly earnings results on Thursday, May 18th. The asset manager reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Apollo Investment Corporation had a net margin of 6.56% and a return on equity of 9.81%. The business had revenue of $66.30 million for the quarter, compared to analysts’ expectations of $68.89 million. During the same period last year, the business earned $0.20 earnings per share. The business’s quarterly revenue was down 22.3% on a year-over-year basis. Equities research analysts expect that Apollo Investment Corporation will post $0.64 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Wednesday, June 21st were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 9.40%. The ex-dividend date was Monday, June 19th. Apollo Investment Corporation’s payout ratio is currently 750.00%.
AINV has been the topic of several recent research reports. Jefferies Group LLC reiterated a “buy” rating and set a $7.00 target price on shares of Apollo Investment Corporation in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Apollo Investment Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $6.50 price target on shares of Apollo Investment Corporation in a research report on Friday, April 28th. BMO Capital Markets restated a “hold” rating and issued a $6.00 price target on shares of Apollo Investment Corporation in a research report on Tuesday, April 11th. Finally, National Securities restated a “neutral” rating and issued a $6.00 price target on shares of Apollo Investment Corporation in a research report on Thursday, May 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $6.40.
About Apollo Investment Corporation
Apollo Investment Corporation is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation. It invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments and/or equity in private middle-market companies.
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